Making my first move!
I just got an offer accepted on a basement rancher in Knoxville. I'm turning my current home into a rental and it just came to me in a dream last night that I can turn the basement into an AirBnB.
I am scared beyond belief and the pace of the purchase feels lightning fast. But I have faith that my research and preparation suggested by BP will pay off (well, maybe my faith is weak and I'm looking for a little reassurance here). As a single mom of 3, this is the scariest thing I've ever done, but I know it will pay off in spades.
If anyone has advice on moving locally, timing of painting & replacing carpet in the old house AND the new house…I'm all ears.
#3 Creative Real Estate Financing Contributor
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#3 Creative Real Estate Financing Contributor
- Real Estate Agent
- Boise, ID
@Chelsie Hall congrats on taking steps in the right direction! Only you can know the process that will work best for you. However if your are going to paint and do floors, remove floors then paint, install new flooring. Those items are much easier to do before moving into the property, however if it is larger you might be able to have everything in the basement while you do upstairs and the opposite.
Food for thought get the projects that bring in money done first, aka finish a unit and get funds coming in before jumping to the next. Cash runs tight when it isn't flowing in and managing cashflow will be key. For a local move if you are on a budget rent a uhaul and get some help and pay with pizza and drinks from friends or what ever floats their boat.
After your inspection period start working on planning your work and a rough timeline of how things will flow. You also need to run estimates for each project and see how funds will be during this time.
Best of luck and keep Crushing it!
Quote from @Chris Davidson:
@Chelsie Hall congrats on taking steps in the right direction! Only you can know the process that will work best for you. However if your are going to paint and do floors, remove floors then paint, install new flooring. Those items are much easier to do before moving into the property, however if it is larger you might be able to have everything in Food for thought get the projects that bring in money done first, aka finish a unit and get funds coming in before jumping to the next. Cash runs tight when it isn't flowing in and managing cashflow will be key. For a local move if you are on a budget rent a uhaul and get some help and pay with pizza and drinks from friends or what ever floats their boat.
After your inspection period start working on planning your work and a rough timeline of how things will flow. You also need to run estimates for each project and see how funds will be during this time.
Best of luck and keep Crushing it!
This is great advice. I was putting the basement last to conserve cash, but putting it first and getting it rented makes so much more sense. THANK YOU!
